When evaluating brand equity one of the hardest things to accurately measure is the emotional connection your brand has with its customers. Emotional connection is an important factor when it comes to increasing loyalty and relevance to your customers. Both of which play an important part in brand equity.
Read on to discover how Psychology AI technology is helping brands to accurately measure brand equity.
Current methods of evaluating emotional brand equity
One of the main ways businesses attempt to evaluate brand equity and emotional connection is by measuring quantitative statistics on social media (likes, comments, shares, etc.) But this method is flawed for 2 main reasons:
1When it comes to forming an emotional connection with their customers, brands engage with their audience through comments and messages. You cannot effectively measure and analyse these interactions through quantitative statistics, and these metrics do not reflect the goal of using social media.
2The information is not detailed or accurate enough to extract valuable insights that are meaningful for your business. With other social listening tools, you may be able, for example, to get statistics on which topics your customers are talking about, but it becomes much harder to understand the specifics of what’s being said.
Evaluate brand equity accurately with Symanto Psychology AI
At Symanto, we have created a solution to address the challenges and limitations of existing methods of evaluating brand equity by focussing instead on qualitative data generated organically by your customers online.
Our Psychology AI can read comments in their entirety to extract meaningful information. It has even learned to understand complex turns of phrase and nuances in multiple languages.
Comments then flow into 4 main brand equity metrics:
1. Functional equities
What are your consumers’ tangible experiences of your product or service and how does it influence their quality perception of your brand.
Examples of comments which would flow into this metric:
“The front camera is amazing!”
“Not a fan of this weird new flavour.”
2. Emotional equities
What feelings and emotions are your consumers outwardly expressing towards your brand? This goes beyond simple sentiment analysis (positive vs negative) to help describe consumers emotions more accurately (trust, enjoyment, amazement, etc.).
Examples of comments which would flow into this metric:
“I’m totally blown away!”
3. Brand connections
This measures conversations that show a strong intensity and affinity towards the brand itself (as opposed to a feature or function). This metric helps to assess brand loyalty amongst your customers.
“This is my favourite brand on the market.”
“This brand is absolutely sick”
4. Brand recommendations
This metric helps you determine what proportion of your commentators are promoting your brand, what proportion are detractors, and who is indifferent. It also explores to what extent are your audience recommending your brand to others?
“Don’t waste your money”
How does it work?
1. Upload your data
One of the major advantages of Symanto over other social listening tools is that you can feed in any kind of data to be analysed. You are not limited to social media feeds. Import customer survey data, CRM data, chatbot scripts, forums, Google reviews and more.
Uploading the data is very simple. Symanto already has integration with SurveyMonkey and Typeform, or you can crawl data directly from over 75 review sites including TripAdvisor, Google, Facebook and open table.
Alternatively, you can upload your own data set and choose which column you’d like Symanto to analyse. It’s extremely flexible.
2. Select a use case
Symanto’s has a series of industry-specific use cases to increase sentiment accuracy even further. The use case functions as a dictionary used to analyse the data set. For example, with a gaming use case the word “kill” is recognised as positive, whereas the same word with a pharma use case is extremely negative. There is also a generic use case available.
3. Start analysis
Symanto uses modules that detect emotion, sentiment, topic, personality traits and communication style specifically to analyse the 4 main brand equity metrics listed above. The automated process takes around 5 minutes. Grab a cup of coffee.
4. Explore the dashboard & insights
Symanto transforms data into user-friendly, intuitive visualisations so that you can easily get an overview of the comments. Find out, for example, most mentioned topics, topics with the most positive/negative sentiment, and view the distribution of positive and negative sentiment per topic. Click on a topic to break it down further into subcategories and get deeper insights into specific sentiments.
Symanto also lists all the related comments by topic with highlighted words showing you how the text was analysed.
5. Manually change the configuration
After exploring the automated insights, you may decide you want to get insights into a specific topic or even remove topics that you are not interested in exploring. Symanto enables you to easily add or remove topics to fine-tune your insights and maximise the value of this tool for your brand.
6. Evaluate brand equity
● Are they promoting you? (Brand recommendations.)
Find out what percentage of your consumers are promoting your brand, and how many are detractors.
● Why are they promoting you? (Functional equities.)
Symanto identifies the main things about your product, service or brand that people are promoting in their comments. For example, are they more impressed by price, quality, customer service, design, etc.?
● How emotionally connected are they? (Brand connections.)
For this metric Symanto focusses on conversations with the highest intensity of positive sentiment. These conversations imply brand love and brand loyalty from the text author.
● Why are they emotionally connected? (Emotional equities.)
What are the sentiments most associated with your brand compared to those of your competitors? This goes far beyond simple positive and negative sentiment to describe how your customers experience your brand on an emotional level.
Across all of these metrics, Symanto can also compare your brand against its main competitors so that you get a clear picture of where your brand is currently positioned in the market from the eyes of the consumer.
Symanto’s psychology AI allows for a much richer, deeper understanding of how your customers view your brand on both a practical and emotional level. Unlike other common methods of measuring brand equity, Symanto delves deep into what your customers are saying about you and transforms that information into measurable, easy to understand graphics.
As you may have already noticed, the possible applications of this tool extend far beyond evaluating brand equity. Brands use Symanto to enhance social listening, recalibrate their brand messaging, conduct competitor analysis and even measure employee satisfaction.